Giga Metals Acquires 100% Ownership of the Turnagain Project with Acquisition of Mitsubishi Corporation's Interest
Giga exits its joint venture with Mitsubishi for a nominal fee to pivot its focus toward copper exploration projects.
Mitsubishi Corporation has exercised a Put Right to sell its approximately 15% interest in the Turnagain Joint Venture back to Giga Metals Corporation (GIGA) for nominal consideration. The transaction is scheduled to close around October 12, 2026, at which point Giga Metals will hold 100% ownership of the Turnagain Project.
Mitsubishi cited a broader portfolio review and ongoing nickel market uncertainty as the rationale for its exit. In response, CEO Scott Lendrum thanked Mitsubishi and confirmed the company’s strategic shift toward exploring the underexplored copper potential. This move pivots the exploration focus from the nickel/cobalt Pre-Feasibility Study completed in 2023 to copper, platinum, and palladium exploration within the unexplored 80% of the ultramafic system, specifically the Attic Zone.
Giga Metals Corporation has acquired full operational and financial control of its project, eliminating joint venture decision-making friction. This move marks a standard corporate evolution for junior explorers, though it does not inherently de-risk the project. The transaction follows Mitsubishi’s exit, driven by uncertainty in the nickel market, which serves as a negative sentiment indicator for base metal economics. However, the nominal consideration suggests a clean, low-cost separation.
Financially, the buyback requires no cash outflow, but Giga must now fund 100% of the exploration program. The company holds a cash position of $1.6 million with a burn rate of approximately $0.3 million per quarter, providing a roughly five-quarter runway. Exploration costs are expected to rise with the planned summer and fall programs. The pivot to copper and PGE exploration has been explicitly communicated since June 2026, and the Mitsubishi exit aligns with prior management commentary regarding a shift away from nickel and cobalt due to market conditions. The news is considered incremental and expected.
Giga Metals Corporation is a pre-revenue junior explorer focused on the Turnagain Nickel-Cobalt Project in northern British Columbia. The project was developed through a Joint Venture with Mitsubishi Corporation (Hard Creek Nickel). A Pre-Feasibility Study (PFS) was completed in October 2023, outlining a 30-year mine life, $2B development capital, and C1 cash costs of $4.65/lb Ni.
Management is now pivoting to explore the ~80% of the ultramafic system that remains underexplored, targeting copper, platinum, and palladium in the Attic Zone. The company has partnered with Arca Climate Technologies for a 10-year exclusive agreement to evaluate carbon removal potential using ultramafic waste rock and tailings.